State of the Market and Top Stocks

Hi everyone,

I hope you are having a great Saturday!

In this post I’ll concisely share my thoughts on last week’s action and share my wide watchlist for next week.

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Now let’s dive in ↓

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Last Week’s Market Action

The QQQ was strong the entire week until it gave some back Friday. We are back above rising moving averages.

Monday - Gap Up, Fade, Strong Close
Tuesday - Powerful Bar through Moving Averages
Wednesday - Follow Through
Thursday - Weakening follow through and poor close
Friday - Gap up and fade, some rally into the close

The IWO showed similar action but was weaker on Thursday and Friday. Still below the 50 sma.

Volume

Volume was lower on the NYSE and Nasdaq.

Trends ( Based on QQQ)

Shortest - 5 Day SMA - Up - Above Rising

Short-term - 21 ema - Up - Above Rising

Intermediate term - 50 sma - Up- Above Rising

Longterm - 200 sma - Up - Above Rising

Group/Themes Action

Decent action across growth groups. Seeing rotation into Bio/Pharma and some software. Oil and Gas stocks still look good.

In my screening I noticed several strong moves/charts from packaged software, cyber security, and semis.

Here’s a Weekly Group Performance chart from TraderLion Private Access:

Key Stocks in Deepvue

NVDA would like it to go sideways above the pivot here

TSLA not a great bar, still basing

UPWK - Nice setup, good gauge for this week how this develops

IOT this should be on everyones watchlist. Watch for a setup where you can manage risk

VRT - has that frozen rope look

Wide List in Deepvue

I build this list by going through multiple screens in Deepvue such as my Deepvue Universe Screen, Pure Momentum, Liquid Leaders, and IPOs as well as my Leadership list and previous wide list.

I add any stocks that stand out to me based on their pattern, show of strength, or other interesting characteristics. This is the first step for building my weekly focus list and gives me a sense of market health and group rotation.

AAOI ABNB ACHR AEHR AFRM AI ALGN AMGN ARCH ARRY ASAN ASND AUR BBIO BKNG BMA CRWD CVNA CYBR DELL DLO DPZ DUOL EH ERIE ESTC FN FRHC FRSH FULC GEN GES GGAL GTLB IONQ IOT J JBL LEGN LI LLY LULU MELI MNDY MRTX NTNX NVDA NVO OKTA ON ONTO ORCL PARR PDD PLTR POWL PSTG REGN RIVN ROIV ROKU S SHOP SMCI SN SNPS TSLA UBER UPWK VEEV XP ZS

I’ll post my focus list tomorrow

Weekly Market Thoughts

A strong week for stocks although we maybe be a bit short term extended still. Ideally the indexes drift sideways as we see some consolidation and rotation between potential leadership groups.

Stocks seem to be acting well among multiple groups.

What are your thoughts on the week’s action? (Leave a comment below)

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Cheers!

Richard